Sunday, April 8, 2007

Everest Bank Limited

INTRODUCTION

Everest Bank Limited (EBL) started its operations in 1994 with a view and objective of extending professionalized and efficient banking services to various segments of the society. EBL joined hands with Punjab National Bank (PNB), India as its joint venture partner in 1997.

PNB is the latest nationalized bank in India having 110 years of banking history with more than 4500 offices all over India. Of which 1400 branches are interconnected. PNB has over 1000 ATMs spread across India. As on 31/3/05, PNB had a total business of INK 163000 mores and posted a net profit of INR 1410 corers.

Drawing its strength from its joint venture partner, EBL has been steadily growing in its size and operations and established itself as a leading Private Sector Bank. EBL is ranked as No. 2 bank by NRB as per CAELS.

Despite fragile law and order situation especially during last 3-4 years, the Bank has recorded spectacular performance. As per audited accounts of fiscal year 2004/2005, the Bank's operating profit was Rs. 375.20 million registering a growth of 18.9 % over the previous year. The Bank's credit recorded a growth of nearly 30 % over the last year reaching a figure of Rs 7900.09 million. Similarly, the total deposits of the Bank posted a growth of 25.22 % amounting to Rs 10097.69 million over the preceding year.

This sustained growth of the Bank is attributable to its strong systems and procedures, professional approach, quality lending and highly motivated staff members. The bank is providing its services through a wide network of 18 branches across the nation and over 250 correspondents across the globe. All the major branches of the bank are connected through Anywhere Branch Banking System (ABBS), a facility which enables a customer to do banking transactions from any of the branches irrespective of their having accounts in other branch.

The Bank in association with Smart Choice Technology (SCT) is providing ATM services for its customers. EBL Debit Card can be accessed at more than 50 ATMs and over 250 Point of Sales across the nation. The bank is also managing the SCT ATM at Tribhuvan International Airport for the convenience of the customers and the travelers, the first and the only bank in Nepal to place ATM outlet at the Airport.

EBL is playing a pivotal role in facilitating remittance to and from across globe. Being the first Nepalese bank to open a representative office in Delhi, India, the Nepalese in India can open account in Nepal from the designated branches of Punjab National bank and remit their savings economically through banking channels to Nepal. The bank has a Drafts Drawing Arrangement with 175 branches of PNB all over India.

With an aim to help Nepalese citizens working abroad, the bank has entered into arrangements with banks and finance companies in different countries, which enable quick remittance of funds by the Nepalese citizens in countries like UAE, Kuwait, Bahrain, Qatar, Saudi Arabia, Malaysia, Singapore and U K

The Bank recognizes the value of offering a complete range of services. The bank pioneered in extending various customer friendly products such as Home Loan, Education Loan, EBL Flexi Loan, EBL Property Plus (Future Lease Rentals), Home Equity Loan, Car Loan, Loan Against Shares, Loan Against Life Insurance Policies and Loan for Professionals. EBL have always endeavored in delivering innovative products suiting the consumer's requirements and needs thus enriching, enabling and beautifying their lives.

Corporate VisionEvolve & position the bank as a progressive, cost effective & customer friendly institution providing comprehensive financial and related services; Integrating frontiers of technology & servicing various segments of society; Committed to excellence in serving the public & also excelling in corporate values.

Corporate MissionProvide excellent professional services & improve its position as a leader in the field of financial related services; Build & maintain a team motivated & committed workforce with high work ethos; Use latest technology aided at customer satisfaction & act as an effective catalyst for socio-economic developments.

Services & Products of EBLDeposit Schemes

Fixed Deposit EBL has introduced several innovative schemes under Fixed Deposit designed to cater to the needs of various segments of customers to meet your specific requirement. Customers can open fixed deposit from 15 days to 60 months.

Cumulative Deposit Scheme In case if there require bulk amount in future to meet financial needs like children's higher education, their marriage etc. open an account under Cumulative Deposit Scheme and earn higher term deposit interest on quarterly compounding basis. Main features of the scheme are as under.

Participation in the schemeAny individual including a minor, Proprietorship/Partnership Firms, Associations, Company/Corporate Bodies, Trust, Charitable and Education Institutions, Municipalities, Government/Quasi Government Bodies, NGOs, INGO’s etc can open account under the scheme.

Deposit - Minimum Rs. 5000/-

Period of Deposit - 6 months up to 5 years

Maturity - Principal Amount of deposit with up to date interest shall be paid on maturity date.

Premature cancellationIf any depositor desires to withdraw the deposit before maturity, bank may at its discretion, repay the deposit with up to date interest at the rate applicable to the period for which deposit remained with the bank less penalty. Compounded interest is to be paid on the deposit up to the completed quarter and for further broken period interest will be calculated at the applicable rate on principal plus interest up to the completed quarter.

Overdue Deposit-The bank may at its discretion, allow interest on overdue deposit from the date of maturity provided the deposit is renewed from the date of its maturity for at least 15 days from the date of presentation.

Current AccountEBL offers a wide range of products and services designed to make banking easier and to match each and every customer’s requirements. Current account is a non-interest bearing account.

Major branches of EBL are connected through ABBS (Anywhere Bank Branch Service), which enable the customers to withdraw and deposit cash from any of the branches connected through ABBS.

* Saving Account- Saving Account can be opened in NRS and USD

* Interest ratesInterest rate is calculated on monthly minimum balance and is payable half yearly. The account opening form can be collected from the branch or downloaded by clicking here. The duly filled account opening form along with the relevant document can be submitted at the branch.

Debit Card.EBL Debit Card is the key to ultimate convenience regarding day-to-day monetary transactions providing the power of real cash in form of card. Associated with the Smart Choice Technology (SCT), it facilitates wide sharing of ATMs under SCT network. Therefore, EBL Debit card can be accessed at any ATMs linked with SCT for withdrawing cash and also at any of the merchant establishments (POS) having SCT logo, for purchasing goods and services.

Everest Bank Ltd (EBL), a joint venture partner of Punjab National Bank (PNB) is always committed towards excellent service for the people who believe in quality banking. Introduction of EBL Debit card is a step in the same direction.

Features of EBL Debit Card:* No charges are levied for using EBL Debit card at EBL's ATM counters.* Cash withdrawal at other SCT Network ATMs other than EBL’s ATM counter is Rs. 25 per transaction* Balance inquiries through any ATMs are free of cost.* Charge for issuing a fresh pin is Rs. 50.00* Charge for lost card is Rs. 200.00* Annual Charge is Nil* POS Transaction charges is Nil* EBL debit card has no expiration date.

Loan schemeEducation Loan SchemeThere are many meritious and deserving students aspiring to reach the sky but may not have the means to achieve. At EBL, they ensure that their dreams do not remain unfulfilled due to lack of funds.This scheme provides the right answer for students who wish to pursue higher studies in Nepal or abroad, but do not have the means to do so. The criteria for availing the loan and repaying it are given below. At a glance, it will tell the customers how easily they can avail the loan and repay it on easy installment basis.

Interest RatesThe following will be the rates of interest of this Bank with effect from 1st Bhadra 2062.(17th August, 2005)

* Saving DepositSaving Deposit NRS.3.25 % p.a.Saving Premium*2.75 % p.a.US Dollar Saving2.50% p.a.* Interest to be paid on daily balance basis subject to retaining an acceptable level of minimum balance.* Fixed Deposit15 Days to less than 3 months2.75 % p.a.3 Months to less than 6 months3.00 % p.a.6 months to less than 1 year3.50 % p.a. 1 year to less than 2 years4.00 % p.a.2 years and above4.50 % p.a.

FlexibilityOverdraft facility is to be granted through Overdraft Account and Cheque Book to be issued to the borrower on the same day and OD A/C with Nil balance to be opened in the Books of the Account. Actual drawing to be allowed on a subsequent date. The limit under the OD Account is to be 90% of the amount deposited by the account holder.Tele bankingTo provide customer with prompt and efficient service Everest bank has been providing tele-banking service which will enables customers to:· Make balance and statement inquires· Get information foreign exchange rate, Interest rate etc.· Order statement and cheque book· Get any other required information from the information desk.Merchant bankingMerchant banking service that the bank provides include activities like· Underwriting of public issues.· Locker facilities